AB SKF (publ) (OTCPK:SKFRY, SKUFF, Nasdaq Stockholm:SKF B) Company Profile
Founded in 1907, AB SKF (publ) (OTCPK:SKFRY, SKUFF, Nasdaq Stockholm:SKF B), as the world's largest bearing manufacturer, holds a leading position in the fields of bearings, seals and other related products and services. Its business is widely distributed across numerous industries. With a long history, it has been continuously growing and expanding through acquisitions and other means.
I. Company Introduction
AB SKF (publ) was founded in 1907, with its headquarters located in Gothenburg, Sweden. It has 42,641 full-time employees. Globally, it focuses on the design, development and manufacturing of bearings, seals, lubrication systems and services.
Official website: https://www.skf.com/group
II. Main Business Segments
1. Product Manufacturing
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- Bearing Products: Provides various types of bearings such as rolling bearings, mounted bearings and housings, super-precision bearings, slewing bearings, plain bearings, magnetic levitation bearings and systems, thin-walled bearings, etc.
- Other Products: Industrial and automotive seals, lubrication management solutions, maintenance products, condition monitoring systems, power transmission solutions, testing and measuring equipment, vehicle aftermarket products, and waste electronic equipment products.
2. Service Provision: Offers services such as application engineering, asset management, condition-based maintenance, mechanical maintenance, refurbishment and customization, as well as training solutions.
III. Technological and Business Advantages
1. Industry Leadership: It is the world's largest bearing manufacturer, with 108 manufacturing units, possessing strong production and manufacturing capabilities.
2. Extensive Distribution Network: It has the largest industrial distributor network in the industry, with 17,000 distribution points in 130 countries/regions, ensuring the efficient reach of products to global customers.
3. Diversified Customer Base: It provides solutions for numerous industries such as aerospace, automotive, and construction. Its customers include well-known enterprises like General Electric and Rolls-Royce, with a wide and stable market demand.
IV. Development History
| Time | Key Events |
|---|---|
| February 16, 1907 | Sven Wingqvist applied for a Swedish patent for a multi-row self-aligning radial ball bearing and was granted the patent on June 6, which was obtained simultaneously with patents in 10 other countries. |
| 1910 | Three years after its establishment, the company had 325 employees and established a subsidiary in the UK. |
| 1912 | It had representative offices in 32 countries. |
| 1923 | It established a trading station in Kolkata, India, and engaged in the business of importing automotive bearings. |
| 1926 | Assar Gabrielsson and Björn Prytz founded Volvo AB, which initially operated as an automotive subsidiary within the SKF Group. SKF financed the production of the first thousand cars, and Volvo's shares were divested from SKF in 1935. |
| 1930 | It employed over 21,000 employees in 12 manufacturing facilities globally, and the largest manufacturing facility was located in Philadelphia, the United States. |
| 1961 | SKF India Ltd was established, a collaboration between AB SKF, Associated Bearing Co. Ltd and Investment Corp. of India Ltd. |
| 1963 | It established its first bearing factory in Pune, Maharashtra, India. |
| 1966 | It decided to expand its international business using English. |
| 1970s | It launched a European production rationalization program and developed the Flexlink brand multi-functional plastic chain conveyor system. In 1997, FlexLink was divested as an independent company. |
| 2021 | The net sales reached 81.73 billion Swedish kronor. As of that year, SKF India had 3 manufacturing plants, 12 offices, 1,762 employees, more than 1,900 suppliers and 455 authorized dealers in India. |
| November 8, 2023 | It signed an agreement to acquire the German fiber composite material supplier 2C Composites to strengthen its magnetic bearing products. |
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